What is the primary purpose of a loss control program in property insurance?

The primary purpose of a loss control program in property insurance is to minimize the risk of loss. This program involves implementing strategies and practices that help identify potential hazards and risks associated with a property. By addressing these risks proactively, insurance companies aim to reduce the likelihood of future claims and losses occurring. Effective loss control measures may include regular inspections, safety training, and risk assessment procedures, all designed to safeguard property and mitigate the severity of potential incidents.

In contrast, the other options focus on aspects that do not align with the primary goal of loss control. Increasing premium costs would typically be a consequence of higher risks rather than a focus of loss control. Forecasting future claims can be a part of risk management but is not the main aim of a loss control program. Additionally, altering the terms of a policy is related to underwriting and policy adjustments rather than the preventative focus of loss control.